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1. Divisional status to Ladakh

Jammu and Kashmir Governor granted Ladakh a divisional status, thus creating three administrative units of Jammu, Kashmir and Ladakh in the State. During the winter months, the entire Ladakh region remains cut-off from the rest of the country for almost six months. The remoteness and inaccessibility of the area makes it eligible for establishing a separate division. Ladakh will now get its own Divisional Commissioner and Inspector General of Police.

2. Startups to be listed for angel tax exemption

The Department for Promotion of Industry and Internal Trade (DPIIT) and the Central Board of Direct Taxes (CBDT) agreed to compile a list of startups eligible for angel tax exemption.

The government also decided to raise the maximum time limit below which a firm would be deemed eligible for angel tax exemption to 10 years from the earlier 7 years.

The paid-up share capital threshold below which startups would be eligible for an exemption has been set at Rs. 25 crore. If the investment exceeds Rs. 25 crore, the firms would be eligible for exemption if the angel investors can prove a net worth of Rs. 2 crore or more in the previous financial year.

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